On Holding posts record Q3 revenue of CHF 931.4M, raises gross margin outlook (ONON:NYSE)

ON Holding AG (ONON) reported Q3 2026 earnings with EPS of $0.54 (beating estimates by 42.11%) and revenue of $931.40M (in line with expectations). Despite the earnings beat, shares fell 8.07% intraday. The company has shown sequential revenue growth and consistent EPS beats, but revenue estimates have slightly declined. Next catalysts include Q4 earnings, product launches, and wholesale trends.

On Holding (NYSE:ONON) reported Q3 revenue of CHF 931.4 million, up 17%, and raised its 2026 gross margin outlook to 66% (68% with tariffs). Net income rose 37% to CHF 162.8 million. Direct-to-consumer sales grew 25%, with Asia-Pacific leading regional growth at 31%.

BMO Capital reiterated a Market Perform rating on On Holding AG (NYSE:ONON) with a $35.00 price target. The company reported Q3 2026 EPS of $0.54, beating estimates, but DTC sales missed expectations. Full-year sales guidance is in the low-20% range. Analysts have mixed views on ONON's prospects ahead of its November 10 earnings report.

On Holding AG shares fell 4.1% pre-market to $35.98 after Q3 2026 results showed a CHF 0.16 EPS beat due to a one-time CHF 52.6M tariff refund. Revenue grew 17.2% YoY to CHF 931.4M, slightly above consensus. The company maintained adjusted EBITDA margin guidance of 19.5%-20.0%, disappointing analysts with high expectations and price targets of $43-$46.

On Holding (ONON) reported Q3 2026 net sales of CHF 931.4M, up 17.2% YoY, with a gross margin of 72.6% including a CHF 52.6M tariff refund. The company reiterated its FY26 growth outlook of low-20% and raised margin guidance.

On Holding AG (ONON) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 On Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2026 • On delivers record net sales and the highest gross profit margin in its history as it pursues its ambition to redefine what a sportswear brand can be. Third quarter net sales in